FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== SIDA 1 =====
Interim report January – March 2025
Q1
Highlights
• Power generation amounted to 251 GWh for the first quarter 2025, being at the lower end of the outlook range, mainly
as a r e sult of weather impact and production curtailments related to the provision of ancillary services, for which the
Company receives compensation.
• Reached the ready-to-permit milestone and launched a sales process for a 98 MW solar project in Germany.
• Reached the ready-to-permit milestone on a second solar and battery project in the UK , bringing the total volume of
ready-to-permit projects to 2.5 GW , with the sales process awaiting the conclusion of the ongoing grid connections
reform.
Consolidated financials
• Cash flows from operating activities amounted to
MEUR 0.6.
Proportionate financials1
• Achieved electricity price amounted to EUR 40 per
MWh, which resulted in a proportionate EBITDA of
MEUR 0.4.
• Proportionate net debt of MEUR 68.6, with significant
liquidity headroom available through the MEUR 170
revolving credit facility.
Financial performance Q1
MEUR 2025 2024
Revenue 9.3 12.3
EBITDA - 0.9 3.1
Operating profit (EBIT) - 5.2 - 1.0
Net result - 4.0 - 2.6
Earnings per share – EUR - 0.01 - 0.01
Earnings per share diluted – EUR - 0.01 - 0.01
Alternative performance measures
Proportionate financials1
Power generation (GWh) 251 274
Average price achieved per MWh – EUR 40 49
Operating expenses per MWh – EUR 20 15
Revenue 10.1 13.5
EBITDA 0.4 5.1
Operating profit (EBIT) - 4.9 -
1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, incl uding joint ventures.
For more details see section Key Financial Data.
Reporting
All numbers and updates in this report relate to the three-month period ending 31 March 2025, unless otherwise
specified. Amounts from the same period in the previous year are presented in brackets. References to “Orrön Energy”
or “the Company” pertain to the Group in which Orrön Energy AB (publ) is the Parent Company or to Orrön Energy AB
(publ), depending on the context.
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting
proportionate financials in addition to the consolidated financial reporting under IFRS to show the net ownership and
related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the
Company’s operational and financial results. Proportionate financials are highlighted in grey in this report.
===== SIDA 2 =====
Orrön Energy – Q1 2025
2
WORDS FROM THE CEO
Our greenfield platform is now well established after two
years of investment, recruitment and project delivery.
We have launched our first sales process in Germany for
a 98 MW agri-PV project, and have around 2.5 GW of
solar and battery projects in the UK at the ready-to-
permit stage awaiting a final resolution from the ongoing
grid connections reform. Over the course of 2025 and
2026, we expect to start monetising the first of these
projects and I look forward to seeing the results of the
hard work and dedication of the teams creating these
opportunities. Our UK projects are amongst some of the
largest solar projects in the country to date, and will
make a significant contribution to the UK government’s
ambition to reach net zero through renewable
investment and decarbonisation of the power systems.
The UK grid connections reform is still underway, and we
expect to receive feedback during the fall of 2025, after
which we expect to resume our sales process. It is
unfortunate that the reform was launched mid-way
through our sales process, and although we will see a
delay, the value and interest from investors remains
strong, as does the UK government’s support for
projects such as ours. We expect to share more details
on the outcome of the ongoing reform and our progress
later this year .
Our proportionate power generation in the first quarter
amounted to 251 GWh, which was at the lower end of
our outlook range, primarily due to weather conditions
and curtailments linked to the ancillary services provided
at our MLK windfarm. We are actively working to qualify
additional sites for ancillary services, where we receive
compensation when activated. This, alongside voluntary
curtailments during periods of low electricity pricing,
forms part of a broader set of measures we introduced
last year to optimise our revenues and mitigate the
ongoing volatility in power markets. Nordic electricity
markets remain challenging with low prices and high
volatility, and we are seeing that impact not only in our
business, but across the sector with very few new
renewable energy projects sanctioned.
Financially resilient
We remain in a strong financial position, with MEUR 100
of liquidity headroom, and have the ability to manage
the pace of our investments as markets evolve.
Proportionate revenues and other income for the
quarter amounted to MEUR 10.2, and proportionate
EBITDA was MEUR 0.4, reflecting the impact of
electricity prices during the quarter. Project sales from
our greenfield portfolio are expected to commence
during the course of this year which should lead to a
positive impact on our financial results and EBITDA. Our
cost base will further reduce following the conclusion of
the Sudan trial in the second quarter of 2026,
strengthening our financial position going forward.
Electricity prices are set to remain volatile, and future
revenues from power sales will remain subject to the
underlying Nordic electricity prices, which have been at
sustained low levels for the last quarters. I expect to see
this improve in the medium term given the lack of new
power generation being built, especially in Sweden.
Looking ahead
The Company is continuing to deliver in line with our
strategy to build a portfolio of producing assets and a
pipeline of large-scale greenfield projects. We are
making good progress on all fronts with optimisation
and consolidation in our producing asset base and
continued maturation in our project pipeline. We are
supported by a highly skilled and committed team in the
Nordics, and a dynamic development team driving our
greenfield growth in the UK, Germany and France.
The long-term outlook for renewable energy remains
robust, underpinned by strong policy support, increasing
electrification, and growing demand for low-carbon
solutions across Europe. As we are investing in onshore
technologies with the lowest breakeven price, I am
confident that our portfolio is well positioned to deliver
long-term value in this space and provide a much-
needed new supply of low-cost energy to society.
European electricity prices, especially in Germany and
the UK, remain at elevated levels, well above the
breakeven cost for new renewable projects to be
sanctioned, which stands our greenfield portfolio in
good shape for delivering long-term returns.
I
would like to once again thank our shareholders for
your continued support, and look forward to further
updates during 2025.
Daniel Fitzgerald, CEO
===== SIDA 3 =====
Orrön Energy – Q1 2025
3
OPERATIONAL REVIEW
Power generation outlook
Orrön Energy’s operational portfolio consists of high-quality, cash-generating wind power
assets in the Nordics. The expected power generation range for 2025 is between 900 to 1,050
GWh, which takes into account variability in weather and includes a provision for curtailments
associated with ancillary services and voluntary curtailments during periods of low electricity
prices.
Power generation during the first quarter amounted to 251 GWh, which was at the lower end
of the outlook range, mainly as a result of lower-than-expected wind speeds and production
curtailments related to ancillary services, for which the Company receives compensation.
Expenditure guidance
The Company delivered broadly in line with expenditure guidance for the first quarter 2025.
Full year 2025 guidance for operating expenses is MEUR 17, where a limited portion of the
operating expenses will vary based on electricity prices and power generation. The general
and administrative (G&A) expense guidance is MEUR 9, and guidance for legal costs in relation
to the defence of the Company and its former representatives in the Sudan legal case is
MEUR 7. The Company expects 2025 to be the final year with this level of legal costs, as the
District Court trial is scheduled to finish during the second quarter of 2026. Capital
expenditure guidance is MEUR 12 and mainly relates to capital allocated to greenfield and
project activities.
Expenditure guidance1 Actuals Guidance
MEUR Q1 2025 2025
Operating expenses 5 17
G&A expenses2 2 9
Sudan legal costs3 2 7
Capital expenditure4 2 12
1 Guidance is presented based on proportionate (net) ownership in assets and related financial results.
2 Excludes non-cash items and costs in relation to the Sudan legal case.
3 Legal costs in relation to the defence of the Company and its former representatives in the Sudan legal case. These
costs are included in the G&A expenses line item in the consolidated income statement. More information about the
case can be found in the section Contingent liabilities.
4 Excluding acquisitions.
380 MW
proportionate installed
capacity of operational
assets
SE2
SE3
SE4
FI
85%
in high-priced
areas
Power generation
per price area
===== SIDA 4 =====
Orrön Energy – Q1 2025
4
Production
The Company’s proportionate power generation for the
first quarter 2025 amounted to 251 GWh, which was at
the lower end of the outlook range, mainly as a result of
lower-than-expected wind speeds and production
curtailments related to the provision of ancillary
services, for which the Company receives compensation.
The realised electricity price amounted to EUR 40 per
MWh for the quarter. Out of the realised electricity
price, guarantees of origin, hedging impact and ancillary
services accounted for EUR 1 per MWh for the quarter.
The Company is awarded and sells guarantees of origin
for all of its power generation, certifying that the
electricity has been produced from renewable energy
sources.
The weighted average regional electricity price for the
Company’s proportionate power generation during the
quarter amounted to EUR 47 per MWh, and the Nordic
system price averaged EUR 46 per MWh. The variance to
the Company’s realised electricity price is explained by
‘capture price discounts’, which occur when the majority
of power generation takes place during periods of lower
market prices relative to the average spot price.
Proportionate operating expenses amounted to MEUR 5
for the quarter, which was broadly in line with guidance.
Unit operating expenses amounted to 20 EUR per MWh
for the quarter and were impacted by lower-than-
expected power generation volumes, increased
balancing costs and a stronger Swedish Krona relative to
the Euro.
The Company is setting up its largest wind farms to
provide ancillary services to the grid, to create
additional revenue streams alongside traditional power
generation. The Metsälamminkangas (MLK) wind farm is
already providing ancillary services, and work is
progressing to implement ancillary services on the
Karskruv wind farm. The Company plans to qualify
additional wind power assets to provide ancillary
services to the market.
Operational portfolio
The Company has a diversified portfolio consisting of
ownership in around 250 operational wind turbines in
more than 50 sites across the Nordics, which have an
estimated long-term proportionate annual power
generation of around 1,000 GWh, excluding curtailment,
and a total proportionate installed capacity of around
380 MW. Around 80 percent of the operational portfolio
is located in Sweden, mainly in the SE3 and SE4 price
areas, while the remaining 20 percent is in Finland.
Availability warranties are in place for a majority of the
Company’s assets, which guarantees the availability of
the turbines and gives the Company protection against
downtime and outages.
In Sweden, the Company owns 100 percent of the
Karskruv wind farm, which started commercial
operations at the end of 2023. The Karskruv wind farm
has an installed capacity of 86 MW and is in the SE4
price area.
Another large production hub for the Company in
Sweden is situated at Näsudden on Gotland, which is a
pioneering region for wind power in Sweden and where
the Company has its operational office. The production
hub consists of ownership in five wind farms, with
a combined proportionate installed capacity of around
64 MW in the SE3 price area.
In Finland, the Company owns 50 percent of the MLK
wind farm, which has a proportionate installed capacity
of 66 MW.
Greenfield portfolio
The Company is advancing a large-scale greenfield
growth platform across the UK, Germany and France,
focused on onshore wind, solar and battery projects,
where the strategy is to progress them to key
milestones and monetise before incurring significant
development costs. Within the Nordic portfolio, the
Company is developing small and-mid scale greenfield
projects, and has optionality to retain selected projects
to support cost-effective production growth and
strengthen the long-term asset base.
UK
In the UK, the Company is progressing a pipeline of
early-stage greenfield project opportunities, which
includes projects at various development stages with
existing grid connection agreements for solar and co-
located batteries.
At the end of 2024, the Company reached ready-to-
permit for its first large-scale project in the UK, a 1.4 GW
solar and 500 MW battery project located in the East
Midlands, with a grid connection capacity of 1 GW
export and 500 MW import capacity. The project has a
grid connection date in 2034, subject to the ongoing grid
connections reform, and qualifies as a Nationally
Significant Infrastructure Project (NSIP). The Company
has initiated a sales process, which is pending the
outcome of the grid connections reform.
During the quarter, the Company reached ready-to-
permit on a second solar and battery project of around
600 MW. The Company is awaiting the outcome of the
grid connections reform before launching a second sales
process.
In the UK, there are two key regulatory reforms ongoing;
the Clean Power 2030 Action Plan and the grid
connections reform. The grid connections reform is
designed to reduce the grid connection queue and
provide earlier grid connection dates for mature
projects. The Clean Power 2030 Action Plan introduces
zonal capacity limitations for defined technologies. As
part of the grid connections reform, new grid offers will
be awarded to mature projects meeting the zonal
capacity limitations under the Clean Power 2030 Action
Plan, which are subject to change depending on the
evolution of developments in the UK.
While this has created some uncertainty for investors,
the reformed process is now starting to crystalise, with
more clarity emerging around timelines and submission
===== SIDA 5 =====
Orrön Energy – Q1 2025
5
procedures. The wider reform has now been approved
by the regulator. Under the reformed grid connections
process, companies with existing grid connections will
have to re-apply for a new grid connection offer. The
first window to re-apply for a new grid connection offer
is expected to open this summer. Feedback on the re-
application is expected during the fall of 2025. The
Company has finalised its preparations and will be ready
to re-apply for its prioritised projects once the
application window opens.
The Company continues to monitor these reforms and
aims to ensure that all projects remain well-positioned
in this evolving regulatory landscape. The Company is
actively engaged in the discussion around the ongoing
reforms and the current UK Government has shown
strong support for solar developments, demonstrated by
the approval of several large-scale projects classified as
NSIPs since coming into office in 2024.
Germany
During the quarter, the Company reached the ready-to-
permit milestone and launched a sales process for its
first project in Germany, a 98 MW solar project located
in Mecklenburg-Western Pomerania. The project is an
agricultural solar (Agri-PV) project allowing for dual use
of the land with farming activities to continue in parallel
with the solar project. Agri-PV projects have numerous
benefits, such as optimised land use, improved crop
resilience, and a favourable permitting environment. The
Company has undertaken a range of environmental
studies and pre-planning work and received unanimous
municipality approval for the preparation resolution
required to reach the ready-to-permit milestone,
showing strong local support for the project. The project
is expected to reach ready-to-build in 2026 and to have a
commercial operation date in 2028.
In addition to the first project in Germany having
reached the ready-to-permit milestone, the Company is
actively maturing a range of other projects towards key
development milestones.
France
In France, the Company has secured its first land rights
and is scaling up activities to obtain access to further
land and to progress its first project towards the ready-
to-permit milestone.
Nordics
In the Nordics, the Company is progressing a diverse
pipeline of stand-alone and co-located project
opportunities with an estimated total capacity of around
1 GW. The opportunities range from early-stage projects
in the screening phase, through to projects with
construction permits in place moving towards
investment decisions.
The Company has reached the ready-to-permit stage for
about 140 MW of wind, solar and battery projects in the
Nordics. During the first quarter, the Company reached
the ready-to-build milestone for a 30 MW co-located
battery project adjacent to one of its Swedish
operational wind farms and is currently awaiting
confirmation of grid capacity.
In Finland, the permitting process for the Company’s
most advanced wind project is ongoing, and the
Company aims to reach the ready-to-build stage in 2027.
Transactions
Orrön Energy’s strategy is to invest in renewable energy
projects and pursue value accretive opportunities in the
energy transition to grow and optimise its portfolio.
In December 2024, the Company entered into an
agreement to acquire additional ownership shares in the
Storugns, Kulle and Klinte wind farms, located in the SE3
price area. The acquisition adds around 7 MW of
proportionate installed capacity, and was completed in
March 2025.
In January 2025, the Company entered into agreements
to increase the proportionate ownership in the Stugyl
and Näsudden wind farms, located in the SE3 price area.
These acquisitions add around 1 MW of proportionate
installed capacity.
Between January and March 2025, the Company
acquired additional shares in Slättens Vind AB (publ), a
company with wind farms in the SE3 price area, leading
to an ownership of around 27 percent at the end of the
first quarter.
In March 2025, the Company acquired additional
ownership shares in the wind farm Kulle, located in the
SE3 price area, adding around 1 MW of proportionate
installed capacity.
===== SIDA 6 =====
Orrön Energy – Q1 2025
6
SUSTAINABILITY
Sustainability is at the core of Orrön Energy’s business as a pure play renewables company and
constitutes an important cornerstone of the Company’s long-term shareholder value creation.
EU Taxonomy alignment
Contributing to the energy transition
Climate change is one of the biggest challenges of our
time, and the transition to energy sources with lower
greenhouse gas emissions to limit global warming and
achieve global climate targets is well underway. The
energy transition will require a substantial increase in
renewable energy generation, with wind and solar
power playing a critical role in achieving these goals. Due
to the intermittency of renewable energy, energy
storage also plays an important role in the energy
transition, due to its ability to balance supply and
demand in power systems. These technologies form a
core part of Orrön Energy’s business model and
commitment to continue investing in renewable energy
and technologies to help drive the energy transition.
EU Taxonomy alignment
In 2024, the Company assessed its operational assets,
greenfield portfolio, and economic activities in line with
the EU Taxonomy. The Company achieved 100 percent
EU Taxonomy alignment of its operating expenses and
turnover, and 95 percent alignment of its capital
expenditure. The remaining 5 percent of capital
expenditure was assessed as eligible, but not aligned,
with the EU Taxonomy. Further details can be found in
the Company’s Annual and Sustainability Report 2024.
Environmental impact and biodiversity protection
Orrön Energy is committed to responsible environmental
management across all areas of its operations. The
Company works proactively to minimise its
environmental footprint and safeguard biodiversity
through clearly defined policies, procedures, and
project-specific measures to uphold high environmental
and biodiversity standards. Regular monitoring and
reporting are in place, with site-specific measures to
monitor environmental performance, manage potential
impacts, and ensure that the Company’s operations do
not harm the environment or local ecosystems.
In the UK, the Company is developing large-scale
greenfield projects that target a minimum of 10 percent
biodiversity net gain. This approach ensures that each
project will result in a measurable improvement in
biodiversity, going beyond simply mitigating
environmental impact to creating positive ecological
outcomes that benefit wildlife, habitats, and overall
ecosystem health.
A Sustainable Approach
Orrön Energy strives to foster a culture of integrity,
responsibility, and sustainability throughout its
operations. The Company’s Code of Conduct reflects this
commitment, guiding employees, contractors, and
business partners to act ethically and responsibly. It
plays an important role in shaping expectations across
the business and the wider value chain. The Code of
Conduct, which is publicly available on the Company’s
website, is supported by policies and procedures
covering key areas such as human rights, whistleblowing,
cybersecurity, competition, tax, anti-corruption, anti-
fraud, and anti-money laundering.
In 2024, the Company was awarded Prime Status by ISS
ESG, one of the world’s leading ESG rating agencies. This
acknowledgment highlights Orrön Energy’s dedication to
maintaining high standards in environmental, social, and
governance performance.
Protecting the health and safety of people and the
environment remains a top priority. The Company has
procedures in place to identify and manage risks,
supported by clear processes for reporting and
investigating incidents. No recordable health and safety
incidents were reported during the first quarter of 2025.
===== SIDA 7 =====
Orrön Energy – Q1 2025
7
FINANCIAL REVIEW
Changes in the Group
In April 2024, the Company entered into an agreement
to sell its 50 percent interest in the company owning the
Leikanger hydropower plant for an enterprise value of
MNOK 613, approximately MEUR 53, to the existing
partner Sognekraft. The transaction generated an
accounting profit for the Group of MEUR 10.9, which
was recognised in the second quarter of 2024 as other
income.
Revenue and results
EBITDA for the reporting period amounted to MEUR -0.9
compared to MEUR 3.1 in the same period the previous
year.
Revenue and other income
Revenue for the reporting period amounted to
MEUR 9.3 (MEUR 12.3) and was impacted by lower
realised prices and lower power generation volumes
compared to the same period the previous year.
Operating expenses
Operating expenses amounted to MEUR 4.6 (MEUR 3.9)
for the reporting period and were impacted by higher
tariffs and balancing costs compared to the same period
the previous year. Furthermore, the comparative period
was impacted by insurance reimbursements.
General and administration expenses
General and administration expenses amounted to
MEUR 4.9 (MEUR 4.8) for the reporting period, including
MEUR 1.8 (MEUR 2.0) for legal and other fees incurred
for the defence of the Company and its former
representatives in the Sudan legal case. A non-cash
expense of MEUR 0.8 (MEUR 0.8) relating to long-term
incentive plans is part of the overall general and
administration expenses recorded during the reporting
period.
Share in result from associates and joint ventures
Share in result from associates and joint ventures
amounted to MEUR -0.9 (MEUR -0.6) for the reporting
period and is detailed in note 2. Orrön Energy’s portion
of the results in the 50 percent owned joint venture MLK
wind farm amounted to MEUR -1.1 (MEUR -0.5) and the
share in result from other associates and joint ventures
amounted to MEUR 0.2 (MEUR -0.1).
Associates and joint ventures are consolidated through
the equity method and the net result of these entities is
therefore recognised as a single line item in the income
statement.
Net financial items
Finance income amounted to MEUR 2.3 (MEUR 1.6) for
the reporting period and is detailed in note 3. Finance
income included a net foreign exchange gain of MEUR
1.7 (MEUR -1.4 loss). Foreign exchange movements
occur on the settlement of transactions denominated in
foreign currencies and the revaluation of working capital
and loan balances to the prevailing exchange rate at the
balance sheet date, where those monetary assets and
liabilities are held in currencies other than the functional
currencies of the Group’s entities. Orrön Energy is
exposed to exchange rate fluctuations relating to the
relationship between Euro and other currencies. The net
foreign exchange gain was a result of the strengthening
of the SEK against the Euro during the reporting period
and related mainly to the revaluation of external loans
and intercompany loan balances, denominated in other
currencies than the functional currency of the Group
company providing the financing. Interest income of
MEUR 0.6 (MEUR 1.6) related to loans to joint ventures.
Finance costs amounted to MEUR 1.3 (MEUR 3.4) for the
reporting period and are detailed in Note 4. Interest
expenses amounted to MEUR 1.0 (MEUR 1.7) and
related to the Group’s external loans. Other finance
costs amounted to MEUR 0.3 (MEUR 0.3) and
represented mainly fees and other costs in relation to
the Company’s revolving credit facility.
Income tax
Income tax representing a net income amounted to
MEUR 0.2 (MEUR 0.2) for the reporting period and is
detailed in Note 5. This amount was mainly comprised of
a deferred tax income relating to a reduction of
accelerated depreciation allowances booked in Sweden.
The Group operates in various countries and fiscal
regimes where corporate income tax rates are different
from the regulations in Sweden. Corporate income tax
rates for the Group vary between 14.7 and 29.9 percent
for the business in 2025.
Cash flow and investments
Cash flows from operating activities
Net cash flows from operating activities amounted to
MEUR 0.6 (MEUR 3.0) for the reporting period.
Cash flows from investing activities
Cash flows from investing activities amounted to
MEUR -4.3 (MEUR -1.9) for the reporting period and
related mainly to investments in the renewable energy
business amounting to MEUR -4.1 (MEUR -1.9)
representing mainly additional shares in existing wind
farms and investments in the Company’s greenfield
portfolio.
Cash flows from financing activities
Cash flows from financing activities amounted to
MEUR 4.9 (MEUR -3.7) for the reporting period and
represented a net draw down of the credit facility of
MEUR 5.5 (MEUR -3.4) and a repayment of MEUR -0.6
(MEUR -0.3) of a loan held by a subsidiary.
===== SIDA 8 =====
Orrön Energy – Q1 2025
8
Financing and liquidity
The Company has secured a three-year revolving credit
facility, established in July 2023, totalling MEUR 170,
with a floating interest rate set at 1.8 percent above the
reference rate for the borrowed currency.
Interest-bearing loans and borrowings amounted to
MEUR 89.0 compared to MEUR 83.6 at year-end 2024
and related mainly to an outstanding loan of MEUR 87.7,
compared to MEUR 81.7 at year-end 2024, which has
been drawn under the Group’s revolving credit facility.
Interest-bearing loans and borrowings also included a
long-term loan taken up by a subsidiary of MEUR 1.3
compared to MEUR 1.9 at year-end 2024.
The Company’s net debt amounted to MEUR 70.2
compared to MEUR 66.6 at year-end 2024.
Other current financial liabilities amounted to MEUR 0.6
compared to MEUR 0.6 at year-end 2024 and related to
a short-term loan, with less than twelve months
maturity, which is held by a subsidiary.
Cash and cash equivalents amounted to MEUR 19.4
compared to MEUR 17.6 at year-end 2024.
===== SIDA 9 =====
Orrön Energy – Q1 2025
9
Proportionate financials
In addition to the consolidated financial reporting in line with IFRS, the Group provides proportionate financial reporting,
which forms part of the alternative performance measures that the Group presents. Proportionate reporting is aligned
with the Group’s internal management reporting, analysis and decision making.
Proportionate financials represent Orrön Energy’s proportionate share of all the entities in which the Group holds an
ownership. This is different to the consolidated financial reporting under IFRS, where the results from entities in which the
Group holds an ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share in
result from associates and joint ventures. All entities in which the Group holds an ownership of more than 50 percent are
fully consolidated in the financial reporting presented under IFRS.
Proportionate financials
Q1
Full year
MEUR 2025 2024
2024
Power generation (GWh) 251 274
907
Average price achieved per MWh – EUR 40 49
34
Operating expenses per MWh – EUR 20 15
17
Revenue 10.1 13.5
30.7
Other income 0.1 0.4
11.4
Operating expenses - 5.0 - 4.0
- 15.3
G&A expenses1 - 4.8 - 4.8
- 19.8
EBITDA 0.4 5.1
7.0
Depreciation - 5.3 - 5.1
- 19.9
Operating profit/loss (EBIT) - 4.9 -
- 12.9
1 Includes legal and other fees of MEUR 1.8 (MEUR 2.0) incurred for the defence of the Company and its former
representatives in the Sudan legal case and a non -cash expense for long-term incentive plans of MEUR 0.8 (MEUR 0.8) for
the reporting period.
Proportionate revenue and other income
Proportionate revenue amounted to MEUR 10.1 (MEUR 13.5) for the reporting period and was impacted by lower realised
prices and lower power generation volumes compared to the same period the previous year.
Proportionate operating expenses
Proportionate operating expenses amounted to MEUR 5.0 (MEUR 4.0) and were impacted by higher tariffs and balancing
costs compared to the same period the previous year. Furthermore, the comparative period was impacted by insurance
reimbursements.
===== SIDA 10 =====
Orrön Energy – Q1 2025
10
Other information
Parent company
The business of the Parent Company is to invest in and
manage operations within the renewable energy sector
as of 1 July 2022.
The Parent Company reported a net result of MSEK -35.3
(MSEK -40.4) for the reporting period.
General and administration expenses amounted to
MSEK 43.7 (MSEK 50.1), out of which MSEK 20.6
(MSEK 22.2) related to legal fees and other costs
incurred for the defence of the Company and its former
representatives in the Sudan legal case.
Contingent liabilities
In November 2021, the Swedish Prosecution Authority
brought criminal charges against former representatives
of the Company in relation to past operations in Sudan
from 1999 to 2003. The charges also included claims
against the Company for a corporate fine of MSEK 3.0
and forfeiture of economic benefits of MSEK 2,381.3,
which according to the Swedish Prosecution Authority
represents the value of the gain of MSEK 720.1 that the
Company made on the sale of an asset in 2003. The
Company refutes that there are any grounds for
allegations of wrongdoing by any of its former
representatives and sees no circumstance in which a
corporate fine or forfeiture could become payable. The
claim for forfeiture of economic benefits was increased
from MSEK 1,391.8 by the Swedish Prosecution
Authority in August 2023. This latest increase to the
claimed forfeiture amount means that the Prosecutor
has presented three completely different amounts,
based on three different methodologies, over the past
six years, raising serious questions about the substance
and credibility of the Prosecutor’s claim. It is obvious
that the methodology used by the Prosecutor to arrive
at the claimed forfeiture amount is fundamentally
flawed, leading to an unreasonable forfeiture claim
which has no basis in law and is highly speculative. Any
potential corporate fine or forfeiture of economic
benefits would only be imposed after an adverse final
conclusion of the case against former representatives of
the Company. The trial at the Stockholm District Court
started in September 2023 and is scheduled to finish
during the second quarter 2026. The Company considers
this to be a contingent liability and therefore no
provision has been recognised.
As part of the IPC spin-off that was completed on 24
April 2017, the Company had indemnified IPC for certain
legal proceedings related to the period before the spin-
off concerning Indonesian land and building tax assessed
for the fiscal years 2012 and 2013. The legal proceedings
have been concluded for the fiscal year 2012 and did not
lead to any liability for IPC, nor the Company. In early
2024, the Company acquired the entity subject to the
claim for 2013 from IPC and the indemnity to IPC was
extinguished. In October 2024, the legal proceedings
were concluded for the fiscal year 2013 and the
Supreme Court dismissed the appeal. The Group has not
recognised any provision in relation hereto as it does not
believe it is probable that the judgement will lead to any
outflow of resources for the Group.
A portion of the Company’s past operations was held
through a Canadian holding structure when acquired
back in 2006. The tax filings in Canada since 2006 in
relation to both corporate income tax and withholding
tax are under review by the Canadian Tax Office. All tax
has been paid in relation to these tax filings and no
provision has been recognised.
Share data
Share capital
At the balance sheet date, the Company’s issued share
capital amounted to SEK 3,478,713 represented by
285,905,187 shares with a quota value of SEK 0.01 each
(rounded off).
In 2024, the number of shares and votes in the Company
decreased following the retirement of 19,427 of the
Company’s own shares as resolved upon during an
Extraordinary General Meeting (EGM) held on 7 August
2024. The shares were received as a result of a legacy
corporate transaction, and the acquisition value of these
shares was nil. A resolution to reduce the share capital
by SEK 236.36 through retirement of these shares was
approved by the EGM. The purpose of the reduction of
the share capital was allocation to unrestricted equity.
The EGM further resolved to increase the share capital
by SEK 236.36. No new shares were issued in connection
with the increase of the share capital. The amount by
which the share capital was increased was transferred to
the share capital from unrestricted equity.
Dividend
The Board proposed to the 2025 AGM that no
dividend will be paid to the shareholders for the
financial year 2024.
Board of directors
At the 2025 AGM, the current Board members Grace
Reksten Skaugen, Peggy Bruzelius, William Lundin, Mike
Nicholson, and Jakob Thomasen were re-elected and
Richard Ollerhead was elected as new Board member.
Remuneration
The Policy on Remuneration and details of long-term
incentive plans (“LTIP”) are provided on
www.orron.com
.
Employee LTIPs
Long-term share-related incentive plans in the form of
share option plans for Group management and other
employees were approved by the 2022 EGM, the 2023
and 2024 AGMs (“Employee LTIPs”), all aimed at aligning
the interests of members of Group management and
other employees with those of shareholders while
offering competitive, market-aligned rewards for a
growth-focused business. Designed to emphasise strong
shareholder returns, the Employee LTIPs also reflect the
===== SIDA 11 =====
Orrön Energy – Q1 2025
11
Company’s entrepreneurial and growth-oriented nature.
Given that renewable energy projects require long time
to mature and ultimately crystallise value, the Employee
LTIPs and have also been designed to incentivise
decision making to support long-term value creation,
which is being reflected in the length of the exercise and
vesting periods.
A new long-term, performance-based incentive plan for
Group management and key employees was approved
by the 2025 AGM (“LTIP 2025”), and the primary
objectives of this new plan are fully aligned with the
previous Employee LTIPs to ensure continuity in
rewarding performance and commitment, while still
ensuring a strong link between performance and
shareholder value. Under LTIP 2025, participants will be
eligible to receive shares in the Company, provided they
maintain continuous employment and meet specific
performance conditions over a three-year period.
Vesting will occur over three years with performance
conditions measured during the period between
1 January and 31 March in the year of award and
vesting, respectively. The proposed plan’s performance
conditions are based on the Company’s relative Total
Shareholder Return measured against a peer group of
companies with a 75 percent weighting, and Strategic
Performance Conditions tied to the Company’s long-
term strategy with a 25 percent weighting.
In order to secure the Company’s obligations under the
outstanding LTIPs, the Company has issued 20,160,000
warrants in total under series 2022:2, 2024:1, 2024:2 as
resolved by the 2022 EGM and 2024 AGM, respectively.
The 2025 AGM resolved to issue an additional 5,450,000
warrants under series 2025:1. Additionally, the
Company maintains an option to deliver shares to
participants under an equity swap arrangement with a
third party. Under this arrangement, the third party,
acting in its own name, has the right to acquire and
transfer shares, including to the participants, as resolved
by the 2023 AGM.
The Employee LTIPs 2022, 2023 and 2024 are described
in detail in Note 21 on page 62 of the 2024 Annual and
Sustainability Report and on page 3 and 4 of the 2024
Remuneration Report. Further information on the LTIP
2025 can be found in the 2025 AGM materials available
on www.orron.com.
Board LTIP
The 2022 EGM resolved to approve a one-off long-term
share-related incentive plan for members of the Board
(“Board LTIP 2022”) in the form of a share option plan.
The Company has secured its obligations under the
Board LTIP 2022 by entering into an equity swap
arrangement with a third party, whereby the third party
in its own name shall be entitled to acquire and transfer
shares (including to the participants) in accordance with
the plan.
The Board LTIP is described in detail in Note 21 on
page 62 of the 2024 Annual and Sustainability Report
and on page 6 of the 2024 Remuneration Report.
Exchange rates
31 Mar 31 Mar 31 Dec
2025 2024 2024
1 EUR equals SEK
Average 11.2315 11.2796 11.4309
Period end 10.8490 11.5250 11.4590
1 EUR equals GBP
Average 0.8356 0.8562 0.8466
Period end 0.8354 0.8551 0.8292
1 EUR equals CHF
Average 0.9548 0.9495 0.9526
Period end 0.9531 0.9766 0.9412
The financial information relating to the three-month period ended 31 March 2025 has not been subject to review by
the auditors of the Company.
Stockholm, 6 May 2025
Daniel Fitzgerald
CEO
===== SIDA 12 =====
Orrön Energy – Q1 2025
12
Consolidated income statement
Note Q1
Full year
MEUR 2025 2024
2024
Revenue 9.3 12.3
25.7
Other income 0.2 0.1
11.0
Operating expenses - 4.6 - 3.9
- 12.5
General and administration expenses - 4.9 - 4.8
- 19.8
Depreciation - 4.3 - 4.1
- 15.9
Share in result of associates and joint ventures 2 - 0.9 - 0.6
- 6.0
Operating profit/loss - 5.2 - 1.0
- 17.5
Finance income 3 2.3 1.6
5.3
Finance costs 4 - 1.3 - 3.4
- 7.1
Net financial items 1.0 - 1.8
- 1.8
Profit/loss before income tax - 4.2 - 2.8
- 19.3
Income tax 5 0.2 0.2
6.0
Net result - 4.0 - 2.6
- 13.3
Attributable to
Shareholders of the Parent company - 4.1 - 2.4
- 13.4
Non-controlling interest 0.1 - 0.2
0.1
Earnings per share – EUR1 - 0.01 - 0.01
- 0.05
Earnings per share diluted – EUR1 - 0.01 - 0.01
- 0.05
1 Based on net result attributable to shareholders of the Parent company.
Consolidated statement of comprehensive income
Q1
Full year
MEUR 2025 2024
2024
Net result - 4.0 - 2.6
- 13.3
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences foreign operations 8.1 - 6.9
- 4.4
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments 0.1 -
0.4
Other comprehensive income, net of tax 8.2 - 6.9
-
- 4.0
Total comprehensive income 4.2 - 9.5
-
- 17.3
Attributable to
Shareholders of the Parent company 4.1 - 9.3
- 17.4
Non-controlling interest 0.1 - 0.2
0.1
===== SIDA 13 =====
Orrön Energy – Q1 2025
13
Consolidated balance sheet
31 Mar 31 Mar 31 Dec
MEUR Note 2025 2024 2024
ASSETS
Non-current assets
Intangible assets 0.2 - 0.1
Property, plant and equipment 287.4 284.7 281.3
Investment in associates and joint ventures 40.7 13.2 41.0
Deferred tax assets 42.5 37.8 40.2
Other non-current financial assets 8 46.6 94.7 46.7
417.4 430.4 409.3
Current assets
Asset held for sale - 19.3 -
Other current assets 4.2 6.8 6.3
Trade receivables 8 0.7 1.1 0.5
Other current financial assets 8 17.5 7.9 14.5
Cash and cash equivalents 8 19.4 18.7 17.6
41.8 53.8 38.9
TOTAL ASSETS 459.2 484.2 448.2
EQUITY AND LIABILITIES
Equity
Equity attributable to owners of the parent 342.0 342.0 336.7
Non-controlling interests 2.8 2.5 2.7
344.8 344.5 339.4
Non-current liabilities
Interest-bearing loans and borrowings 8 89.0 110.4 83.6
Deferred tax liability 11.9 15.1 11.4
Provisions 2.2 3.0 2.1
103.1 128.5 97.1
Current liabilities
Trade and other payables 8 10.6 10.5 11.0
Current tax liabilities 0.1 0.1 0.1
Other current financial liabilities 8 0.6 0.6 0.6
11.3 11.2 11.7
TOTAL LIABILITIES 114.4 139.7 108.8
TOTAL EQUITY AND LIABILITIES 459.2 484.2 448.2
===== SIDA 14 =====
Orrön Energy – Q1 2025
14
Consolidated statement of cash flows
Q1
Full year
MEUR Note 2025 2024
2024
Cash flows from operating activities
Net result - 4.0 - 2.6
-
- 13.3
Items not included in the cash flow 9 4.6 6.9
9.7
Interest received - 1.2
4.2
Interest paid - 1.2 - 1.6
- 6.7
Distributions received - -
0.2
Distributions paid to non-controlling interest - -
- 0.3
Changes in working capital 1.2 - 0.9
- 0.1
Cash flows from operating activities 0.6 3.0
- 6.3
Cash flows from investing activities
Investment in renewable energy business1 - 4.1 - 1.9
- 15.0
Acquisition of subsidiary net of cash - -
- 0.1
Investment in associated companies - 0.2 -
- 1.8
Proceeds from equity investments - -
0.4
Proceeds from sale of joint venture - -
28.9
Repayment of loan from joint venture - -
20.2
Cash flows from investing activities - 4.3 - 1.9
32.6
Cash flows from financing activities
Net drawdown/repayment of credit facility 4.9 - 3.4
- 29.8
Financing fees paid - - 0.3
- 0.3
Cash flows from financing activities 4.9 - 3.7
- 30.1
Change in cash and cash equivalents 1.2 - 2.6
- 3.8
Cash and cash equivalents, beginning of the period 17.6 21.8
21.8
Exchange differences in cash and cash equivalents 0.6 - 0.5
- 0.4
Cash and cash equivalents, end of the period 19.4 18.7
17.6
1Includes acquisitions of renewable energy assets and funding of joint ventures.
===== SIDA 15 =====
Orrön Energy – Q1 2025
15
Consolidated statement of changes in equity
Attributable to owners of the Parent Company
MEUR
Share
capital
Additional
paid-in-
capital/Other
reserves
Retained
earnings Total
Non-
controlling
interest
Total
equity
1 Jan 2024 0.4 318.3 31.8 350.5 2.9 353.4
Comprehensive income
Net result - - - 13.4 - 13.4 0.1 - 13.3
Other comprehensive income - - 4.0 - - 4.0 - - 4.0
Total comprehensive income - - 4.0 - 13.4 - 17.4 0.1 - 17.3
Transactions with owners
Non-controlling interests - - - - - 0.3 - 0.3
Share based payments - 3.4 - 3.4 - 3.4
Other - - 0.2 0.2 - 0.2
Total transactions with owners - 3.4 0.2 3.6 - 0.3 3.3
31 Dec 2024 0.4 317.7 18.6 336.7 2.7 339.4
1 Jan 2025 0.4 317.7 18.6 336.7 2.7 339.4
Comprehensive income
Net result - - - 4.1 - 4.1 0.1 - 4.0
Other comprehensive income - 8.2 - 8.2 - 8.2
Total comprehensive income - 8.2 - 4.1 4.1 0.1 4.2
Transactions with owners
Share based payments - 1.2 - 1.2 - 1.2
Total transactions with owners - 1.2 - 1.2 - 1.2
31 Mar 2025 0.4 327.1 14.5 342.0 2.8 344.8
===== SIDA 16 =====
Orrön Energy – Q1 2025
16
Note 2 – Share in result of associates and joint ventures
Q1
Full year
MEUR 2025 2024
2024
Metsälamminkangas Wind Oy (50%) - 1.1 - 0.5
- 5.8
Other 0.2 - 0.1
- 0.2
- 0.9 - 0.6
-
- 6.0
Note 3 – Finance income
Q1
Full year
MEUR 2025 2024
2024
Foreign currency exchange gain, net 1.7 -
-
Interest income 0.6 1.6
5.3
2.3 1.6
-
5.3
Note 4 – Finance costs
Q1
Full year
MEUR 2025 2024
2024
Foreign currency exchange loss, net - 1.4
0.8
Interest expense 1.0 1.7
4.9
Other 0.3 0.3
1.4
1.3 3.4
-
7.1
Note 5 – Income tax
Q1
Full year
MEUR 2025 2024
2024
Current tax - -
- 0.1
Deferred tax 0.2 0.2
6.1
0.2 0.2
-
6.0
Note 6 – Related party transactions
Orrön Energy recognises the following related parties: associated companies, jointly controlled entities, key management
personnel and members of their close family or other parties that are partly, directly or indirectly controlled by key
management personnel or of its family or of any individual that controls, or has joint control or significant influence over
the entity.
During the reporting period, the Group has entered into material transactions with related parties on a commercial basis
including the transactions described below.
At the balance sheet date, the Group had an outstanding loan receivable on associates and joint ventures of MEUR 46.4,
which amounted to MEUR 46.4 at year-end 2024 and related to MLK. Interest income on loans to associates and joint
ventures of MEUR 0.6 (MEUR 1.6) was recognised during the reporting period.
Note 7 – Risks and risk management
Orrön Energy pursues a business that is exposed to changes in energy prices, which in turn are dependent on macro-
economic factors and geopolitical conditions. The Company’s operations have an impact on the surrounding environment
and operational processes are associated with occupational health and safety risks.
Risks and risk management are described in the 2024 Annual and Sustainability Report on pages 21–23 and are in all
material aspects unchanged. Additional information on financial risks and information on how Orrön Energy manages
these risks, including liquidity, credit and market risks are addressed in note 8 to the consolidated financial statements in
the 2024 Annual and Sustainability Report.
Orrön Energy places risk management responsibility at all levels within the Company to continually identify, understand
and manage threats and opportunities affecting the business. This enables the Company to make informed decisions and
to prioritise control activities and resources to deal effectively with any potential threats and opportunities.
===== SIDA 17 =====
Orrön Energy – Q1 2025
17
Note 8 – Financial instruments
31 Mar 31 Mar 31 Dec
MEUR Level 2025 2024 2024
Financial assets
Financial assets at amortised cost
Other non-current financial assets 2 46.6 94.7 46.7
Trade receivables 0.7 1.1 0.5
Other current financial assets1 17.1 6.2 14.1
Cash and cash equivalents 19.4 18.7 17.6
83.8 120.7 78.9
Financial assets at fair value through profit or loss
Other current financial assets1 – Derivative financial instruments 2 - - -
- - -
Financial assets at fair value through other comprehensive
income
Other current financial assets1 – Equity securities 2 0.4 - 0.4
0.4 - 0.4
Financial liabilities
Financial liabilities at amortised cost
Interest-bearing loans and borrowings 89.0 110.4 83.6
Trade and other payables 10.7 10.5 11.0
Other current financial liabilities 0.6 0.6 0.6
100.3 121.5 95.2
Financial liabilities at fair value through profit or loss
Other current financial liabilities – Derivative financial instruments 2 - - -
- - -
1 Other current financial assets on the face of the balance sheet are divided in this table in financial assets at amortised
cost, financial assets at fair value through profit and loss and financial assets at fair value through other
comprehensive income.
Note 9 – Supplementary information to the statement of cash flows
The consolidated statement of cash flows is prepared in accordance with the indirect method.
Q1
Full year
MEUR 2025 2024
2024
Depreciation 4.2 4.1
15.9
Current tax - -
0.1
Deferred tax - 0.2 - 0.2
- 6.1
Long-term incentive plans 0.8 0.8
3.4
Foreign currency exchange gain/loss - 1.7 1.3
0.6
Amortisation of deferred financing fees 0.1 0.1
0.4
Interest income - 0.6 - 1.6
- 5.3
Interest expense 1.1 1.8
5.5
Unwinding of site restoration discount - -
0.1
Result from associated companies and joint ventures 0.9 0.6
6.0
Profit from sale of joint venture - -
- 10.9
4.6 6.9
-
9.7
===== SIDA 18 =====
Orrön Energy – Q1 2025
18
Parent company income statement
Q1
Full year
MSEK 2025 2024
2024
Revenue 8.3 10.2
43.8
General and administration expenses - 43.7 - 50.1
- 187.9
Operating profit/loss - 35.4 - 39.9
- 144.1
Finance income 1.1 0.4
125.6
Finance costs - 1.0 - 0.9
- 4.1
Net financial items 0.1 - 0.5
121.5
Profit/loss before income tax - 35.3 - 40.4
- 22.6
Income tax - -
-
Net result - 35.3 - 40.4
- 22.6
Parent company comprehensive income statement
Q1
Full year
MSEK 2025 2024
2024
Net result - 35.3 - 40.4
-
- 22.6
Items that will not be reclassified to profit or loss
Changes in the fair value of equity investments 0.4 -
4.0
Total comprehensive income - 34.9 - 40.4
-
- 18.6
Attributable to
Shareholders of the Parent company - 34.9 - 40.4
-
- 18.6
Parent company balance sheet
31 Mar 31 Mar 31 Dec
MSEK 2025 2024 2024
ASSETS
Non-current assets
Shares in subsidiaries 3,780.8 3,780.8 3,780.8
Other tangible fixed assets - 0.1 -
Deferred tax assets 436.0 436.0 436.0
4,216.8 4,216.9 4,216.8
Current assets
Receivables 6.7 7.0 6.6
Other financial assets 4.4 - 4.0
Cash and cash equivalents 106.3 109.8 102.2
117.4 116.8 112.8
TOTAL ASSETS 4,334.2 4,333.7 4,329.6
EQUITY AND LIABILITIES
Equity
Shareholders’ equity including net result for the period 4,200.0 4,204.2 4,234.6
4,200.0 4,204.2 4,234.6
Non-current liabilities
Interest-bearing loans and borrowings 103.0 70.5 47.3
103.0 70.5 47.3
Current liabilities
Other liabilities 31.2 59.0 47.7
31.2 59.0 47.7
TOTAL LIABILITIES 134.2 129.5 95.0
TOTAL EQUITY AND LIABILITIES 4,334.2 4,333.7 4,329.6
===== SIDA 19 =====
Orrön Energy – Q1 2025
19
Parent company statement of cash flows
Q1
Full year
MSEK 2025 2024
2024
Cash flows from operating activities
Net result - 35.3 - 40.4
-
- 22.6
Items not included in the cash flow 0.5 2.4
- 115.6
Changes in working capital -16.7 5.3
9.1
Cash flows from operating activities - 51.5 - 32.7
- 129.1
Cash flows from investing activities
Result from equity investments - -
4.0
Dividends received - -
-
Cash flows from investing activities - -
4.0
Cash flows from financing activities
Net drawdown/repayment of loan 55.6 31.0
115.8
Cash flows from financing activities 55.6 31.0
115.8
Change in cash and cash equivalents 4.1 - 1.7
- 9.3
Cash and cash equivalents, beginning of the period 102.2 111.5
111.5
Exchange differences in cash and cash equivalents - -
-
Cash and cash equivalents, end of the period 106.3 109.8
102.2
Parent company statement of changes in equity
Restricted equity Unrestricted equity
MSEK
Share
capital
Statutory
reserve Other
reserves
Retained
earnings Total equity
1 Jan 2024 3.5 861.3 7,182.7 -3,804.3 4,243.2
Comprehensive income
Net result - - - -22.6 -22.6
Other comprehensive income - - - 4.0 4.0
Total comprehensive income - - - -18.6 -18.6
Transactions with owners
Share based payments - - 6.0 - 6.0
Other - - - 4.0 4.0
Total transactions with owners - - 6.0 4.0 10.0
31 Dec 2024 3.5 861.3 7,188.7 -3,818.9 4,234.6
1 Jan 2025 3.5 861.3 7,188.7 -3,818.9 4,234.6
Comprehensive income
Net result - - - -35.4 -35.4
Other comprehensive income - - - 0.4 0.4
Total comprehensive income - - - -35.0 -35.0
Transactions with owners
Share based payments - - 0.4 - 0.4
Total transactions with owners - - 0.4 - 0.4
31 Mar 2025 3.5 861.3 7,189.1 -3,853.9 4,200.0
===== SIDA 20 =====
Orrön Energy – Q1 2025
20
KEY FINANCIAL DATA
The alternative performance measures presented and disclosed in this interim report are used internally by management in
conjunction with IFRS measures to measure performance and make decisions regarding the future direction of the business.
The Group believes that these alternative performance measures, when provided in combination with reported IFRS measures,
provide helpful supplementary information for investors.
In addition to the consolidated financial reporting in line with IFRS, the Group provides proportionate financial reporting, which
forms part of the alternative performance measures the Group presents. Proportionate reporting is aligned with the Group’s
internal management reporting, analysis and decision making.
Proportionate financials represent Orrön Energy’s proportionate share of all the entities in which the Group holds an
ownership. This is different to the consolidated financial reporting under IFRS, where the results from entities in which the
Group holds an ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share of result in
joint ventures. All entities, in which the Group holds an ownership of more than 50 percent are fully consolidated in the
financial reporting presented under IFRS.
Reconciliations of relevant alternative performance measures are provided on the following page. Definitions of the
performance measures are provided under the key ratio definitions below.
Q1
0
Full year
MEUR 2025 2024
2024
Consolidated financials
Revenue 9.3 12.3
25.7
EBITDA - 0.9 3.1
- 1.6
Operating profit (EBIT) - 5.2 - 1.0
- 17.5
Net result - 4.0 - 2.6
- 13.3
Net debt 70.2 92.3
66.6
Proportionate financials
Power generation (GWh) 251 274 907
Average price achieved per MWh1 40 49 34
Operating expenses per MWh1 20 15 17
Revenue 10.1 13.5
30.7
Operating expenses - 5.0 - 4.0
- 15.3
EBITDA 0.4 5.1
7.0
Operating profit (EBIT) - 4.9 -
- 12.9
Net debt 68.6 91.2
65.0
Data per share – EUR
Earnings per share - 0.01 - 0.01
- 0.05
Earnings per share – diluted - 0.01 - 0.01
- 0.05
EBITDA per share 0.00 0.01
- 0.00
EBITDA per share – diluted 0.00 0.01
- 0.00
Number of shares
Issued 285,905,187 285,924,614
285,905,187
In circulation 285,905,187 285,924,614
285,905,187
Weighted average 285,905,187 285,924,614
285,918,085
Weighted average – diluted 297,930,923 290,294,211
293,520,419
Share price
Share price at period end – SEK 4.62 7.12
7.11
Share price at period end – EUR1 0.43 0.62
0.62
Key ratios
Return on equity (%) - 1 - 1
- 4
Return on capital employed (%) - 1 -
- 4
Equity ratio (%) 75 71
- 76
1 Share price at period end in EUR is calculated based on quoted share price in SEK and applicable SEK/EUR exchange rate at per iod end.
===== SIDA 21 =====
Orrön Energy – Q1 2025
21
EBITDA
Q1
Full year
MEUR 2025 2024
2024
EBITDA
Operating profit/loss (EBIT) - 5.2 - 1.0
- 17.5
Add: Depreciation 4.3 4.1
15.9
- 0.9 3.1
- 1.6
Proportionate financials
EBITDA
Operating profit/loss (EBIT) - 4.9 -
- 12.9
Add: Depreciation 5.3 5.1
19.9
0.4 5.1
7.0
Net debt
31 Mar 31 Mar 31 Dec
MEUR 2025 2024 2024
Net debt
Interest-bearing loans and borrowings – Non-current 89.0 110.4 83.6
Interest-bearing loans and borrowings – Current 0.6 0.6 0.6
Less: Cash and cash equivalents - 19.4 - 18.7 - 17.6
70.2 92.3 66.6
Proportionate results
Net debt
Net debt – Consolidated financials 70.2 92.3 66.6
Add/Less: Cash and cash equivalents of associates and joint
ventures - 0.7 - 3.3 - 0.4
Add/Less: External interest-bearing loans and borrowings of
associates and joint ventures - 0.9 2.2 - 1.2
68.6 91.2 65.0
Bridge from proportionate to consolidated financials
Jan-Mar 2025 Proportionate
Financials
Residual ownership
in subsidiaries1
Elimination of
equity entities2
Consolidated
Financials
MEUR
Revenue 10.1 0.9 - 1.7 9.3
Other income 0.1 0.1 - 0.2
Operating expenses - 5.0 - 0.7 1.1 - 4.6
General and administration expenses - 4.8 - 0.1 - - 4.9
Share in result of associates and joint
ventures - - - 0.9 - 0.9
EBITDA 0.4 0.2 - 1.5 - 0.9
Depreciation - 5.3 - 1.0 - 4.3
Operating profit (EBIT) - 4.9 0.2 - 0.5 - 5.2
Net financial items 0.6 - 0.1 0.5 1.0
Tax 0.2 - - 0.2
Net result - 4.1 0.1 - - 4.0
Attributable to: - - - -
Shareholders of the Parent Company - 4.1 - - - 4.1
Non-controlling interest - 0.1 - 0.1
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have
100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/los s.
===== SIDA 22 =====
Orrön Energy – Q1 2025
22
Jan-Mar 2024 Proportionate
Financials
Residual ownership
in subsidiaries1
Elimination of
equity entities2
Consolidated
Financials
MEUR
Revenue 13.5 0.9 - 2.1 12.3
Other income 0.4 - - 0.3 0.1
Operating expenses - 4.0 - 0.7 0.8 - 3.9
General and administration expenses - 4.8 - - - 4.8
Share in result of associates and joint
ventures - - - 0.6 - 0.6
EBITDA 5.1 0.2 - 2.2 3.1
Depreciation - 5.1 - 1.0 - 4.1
Operating profit (EBIT) - 0.2 - 1.2 - 1.0
Net financial items - 3.1 - 1.3 - 1.8
Tax 0.3 - - 0.1 0.2
Net result - 2.8 0.2 - - 2.6
Attributable to: - - - -
Shareholders of the Parent Company - 2.8 - - - 2.8
Non-controlling interest - 0.2 - 0.2
1 Residual ownership interests share of the proportionate financials in fully consolidated subsidiaries where Orrön Energy does not have
100 percent economic interest.
2 Elimination of proportionate financials from equity consolidated entities adjusted for Orrön Energy’s share of net income/los s.
===== SIDA 23 =====
Orrön Energy – Q1 2025
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Definitions
Financial and alternative performance
measures
Earnings per share
Net result attributable to shareholders of the Parent
Company divided by the weighted average number of
shares for the period.
Earnings per share – diluted
Net result attributable to shareholders of the Parent
Company divided by the weighted average number of
shares for the period after considering any dilution
effect.
EBIT (Earnings Before Interest and Tax)
Operating profit.
EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortisation)
Operating profit before depreciation.
Equity ratio
Total equity divided by the balance sheet total.
Net debt
Interest-bearing loans and borrowings less cash and
cash equivalents.
Net debt – Proportionate
Net debt – Consolidated less cash and cash
equivalents of associates and joint ventures
plus/minus adjustment for external interest-bearing
loans and borrowings of associates and joint ventures.
Return on equity
Net result divided by average total equity.
Return on capital employed
Income before tax plus interest expenses plus/less
currency exchange differences on financial loans
divided by the average capital employed (the average
balance sheet total less non-interest-bearing
liabilities).
Weighted average number of shares
The number of shares at the beginning of the period
with changes in the number of shares weighted for the
proportion of the period they are in issue.
Weighted average number of shares – Diluted
The number of shares at the beginning of the period
with changes in the number of shares weighted for the
proportion of the period they are in issue after
considering any dilution effect.
Industry related terms and measurements
GW Gigawatt
GWh Gigawatt hour
MW Megawatt
MWh Megawatt hour
Currency abbreviations
CHF Swiss franc
EUR Euro
GBP British pound sterling
SEK Swedish Krona
TSEK Thousand SEK
MEUR Million EUR
MSEK Million SEK
===== SIDA 24 =====
Orrön Energy – Q1 2025
24
SHAREHOLDERS’ INFORMATION
Daniel Fitzgerald, CEO and Espen Hennie, CFO comment results for the first quarter 2025.
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest
developments in Orrön Energy and its future growth strategy at a webcast held on 6 May 2025 at 14.00 CEST. The
presentation will be followed by a question-and-answer session.
Follow the presentation live on the below webcast link:
https://orron-energy.events.inderes.com/q1-report-2025
Financial Calendar
• Interim report for the second quarter 2025 6 August 2025
• Interim report for the third quarter 2025 5 November 2025
• Year end report 2025 18 February 2026
Contacts
Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com
Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com
Forward-Looking Statements
Statements in this report relating to any future status or circumstances, including statements regarding future performance, growth
and other trend projections are forward-looking statements. These statements may generally , but not always, be identified by the
use of words such as “anticipate” , “believe” , “expect” , “intend” , “plan” , “seek” , “will” , “would” or similar expressions. By their nature,
forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could
occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these
forward-looking statements due to several factors, many of which are outside the Company’s control. Any forw ard- looking
statements in this report speak only as of the date on which the statements are made and the Company has no obligation (and
undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise
===== SIDA 25 =====
Orrön Energy – Q1 2025
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